Consider it a valuable learning experience … Unfortunately, learning the hard way is sometimes the best way. Now you know next time around which ducks to get in a row before launch of business. Believe me, you will never forget this lesson.
Keep your equipment if you can and hone your notary skills (especially RON) . check with Notarize.com … I hear they train RON and provide the clients … reduced fee til you get some practice under your belt then you gradually move up the ladder to better fees and assignments. (No personal experience here…just what I’ve read here
You can call and stop by their office, it is slow right now and I am sure they would like visitors. I like signing companies sometimes more than title. Some title companies will also try to low ball you so just work when it is the right fit. Don’t forget general mobile notary work. That has been my income when real estate has a slowed. If you decide to do general mobile notary I recommend charging flat fee for all to avoid the hassle and headache. Do not low ball your flat fee. Trust me, I have had more complaints about my low fee than my high flat fee. If someone is really trying to save on a notary they will find a UPS or bank. If they are calling a mobile, they are welling to pay for your services. Keep competitive fees. I have no feedback on RON as I do not do this. Get experience and network. A lot of notaries that do well are good with networking for business.
I don’t disagree. I went into this before the market went South. But I believe when you work hard for something, you appreciate it more. You also work much harder at being successful. But also smarter. I want to hone my skills so when the time comes, God willing that things turn around, I’ll have some experience under my belt. I live in a very big, busy city (St. Pete, Florida) and when I went to the bank yesterday, the loan officer said they haven’t had a closing in 2 weeks. She said it’s unheard of. Especially here, the market was on fire! Not now. But working a regular job and trying to get into field inspections so I can add that to my LLC. As well as any GNW. I truly appreciate all of the advice.
I do have a question about RON. I got my digital certificate. But I’m confused a bit. Don’t I also need to get a service provider, i,e., Enotarylog? I could use help on this one. I’d like to put it to use once I move into my new condo. Everything is hitting at once. This and my landlord sold my condo. So I just signed a lease and have to move. Ugh! But bay help on my RON question would be appreciated as well. Happy Fri-YAY!
Thank you! I am thinking next week I will use what I’ve learned to start marketing myself. As you said, slow right now, so a good time to build relationships. Fidelity Title is best my home. Definitely hitting them up. We have so many places here I would absolutely want to hit up and try to get face to face even for a few minutes. Even if I just network right now, let them meet me, give them my business card and follow up with a thank you card with my personalized thank you cards, it’s the little things I think. I want them to remember me. I want to do some RON work and get that experience as Laura said (and others). For me, now is a time to keep hustling my business and work a regular job until things even out. Hopefully they will soon. But I fear after Covid, things might never be as lucrative as they once were. I hope I’m wrong. Happy Fri-YAY!
PS. Thank you ALL for your guidance. This forum has been so helpful. I truly appreciate your support and kindness. Your experience is a great teaching tool for those of us trying to build a career in this line of work. Thanks for your time and sharing your experience. It’s truly invaluable.
That’s not quite accurate - the exact regulation wording per irs.gov" - please note the use of the word “OR” -
“For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner’s social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax. For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, the W-9 should provide the owner’s SSN or EIN, not the LLC’s EIN.”
Hang in there, it’s a normal ebb and tide. Although I have been a notary over 20 years I have not seen signings so low BUT I know it will turn around. I have been a Real Estate Agent/Broker even longer and am used to ups and downs. People need homes and they need loans to buy them. This will turn around in a big way… probably shortly after the next election.
The LLC is the tax structure you work inside of, how you handle expenses, income etc. If you choose to do a monthly RON or not, does not, or should not, require a shutdown of your llc. I have had an llc since 2017 and ran several 1099 businesses through it. There are RON’S that are pay as you go also, I believe. Any RON’S out there take that one?
The IRS requires a Tax Payer Identification Number. This can be either your SS# or the EIN#. I recommend not using your SS# due the increased risk of ID Theft and fraud. An EIN can be obtained at no cost and acquired in a very short time frame. If in doubt engage a qualified tax professional.
Thank you so much. Decided to keep it. I am my RON and am going to use this slow time to introduce myself to title companies, realtors, etc. Reach out for GNW, and do inspections.
I would keep your LLC because no matter what, I think you are going to lose money for the first three years of being in business. It’s best to start out slow so that you are not overwhelmed.I would definately keep your day job. Here’s why: most signing companies don’t want to hire inexperienced notary signing agents. They want either 50 loan closings or two years experience as a notary. Since the apex of low interest rates, everybody and thier dog wanted to become a notary signing agent because they thought they were going to get rich overnight. This created lot of competition. Then, interest rates went up aong with inflation, higher cost of housing, higher cost of goods, and all the inexperienced notaries are accepting low ball fees. The cost of entry means you need to accept the low ball fees in order to get 50 signings under your belt. If you make a lot of mistakes, you might consider a different business. The fees today are sadly considerably lower than when the demand for notaries was great. This is what John Adams called the law of Supply and Demand. When I started my business seven years ago I learned that it would take five years and then to expect to make about $30,000 a year. Think too about the people and business who are promoting the get rich quick by becoming notary signing coaches. When their business dried up, they are now making money in other ways by charging notary signing agents wantobee’s and are grooming their new notary signing agents to accept low ball fees for their companies. I am just saying it like it is. In the meantime, learn, learn, learn and make sure you start with a business plan and get a “FREE” mentor from SCORE or your local SBA.
I have learned that is best to be a single member LLC to be a diregarded entity and set up an EIN and business bank account and never comingle your funds. Also get a business credit card and take some bookkeeping classes and learn how to create Profit and Loss Statements and Balance Sheets in a good bookkeeping software program like QuickBooks.
The problem is all these courses that are out there and everyone telling you to do the same I feel all these escrow and Title companies are tired of Notaries coming in with gifts and you still get no work, they only call you when there regular notaries are too busy and right now the market is really slow. I have been doing this for 17 years and never had problems with work until the end of last year and now.
Not so. In the state of Florida if you’re starting a small business +
(or even larger scale ), an LLC is the wya to go. Don’t have to make 100k + to do it.
I have absolutely NO intentions in going in with gifts, etc. But in order to be ready when/if this business ever recovers post-covid, you have to market yourself. I plan to go to title companies, realtors, etc. and pick up business cards. Perhaps call while they’re slow as they are. See if they’re opposed to a 5 minute meeting. See if for my local area I can be there go-to. No is all they can say. If you don’t market, you get nothing. Especially being new. I have an LLC, business cards,a website and have worked very hard. I’m not going to just give up because I’m inexperienced and it’s slow. I am . doing inspections and work for an inspections company. I am working a regular job, but this is something I put a lot of time and effort into. To quit is a non-starter.
